The brief

Analyst view

• DTCC settles 99% of US equity transactions and manages $11.4T in daily government securities settlement.
• Partnered with Digital Asset's Canton Network to tokenize US Treasuries, becoming co-chair of Canton Foundation with Euroclear.
• Tokenization improves liquidity and settlement speed by converting Treasuries to blockchain-native instruments while preserving DTC custody.

Technical approach

As reported

Canton Network

Privacy-enabled public blockchain

Canton is a public blockchain for financial markets with institutional privacy controls, enabling data exchange without central intermediaries.

DTC Custody

Existing settlement infrastructure

Treasuries remain in DTC custody while tokenized on Canton, preserving existing settlement rules and oversight while adding blockchain speed.

Collateral Mobility

Efficient allocation

Tokenization enables securities to move between institutions in near-real-time, unlocking trapped collateral and reducing settlement time.